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3. bIAXIMUM OBLIGATION LIMIT, The total principal amount of the Secured Debt (hereaher defined)
<br />secured by this Decd of Trust at any one time sball not exceed $ 19D,.ODa.Oa_.
<br />This limitation of amount does not include interest, loan charges, commitment fees, brokerage commissimts,
<br />attorneys' fees and other charges validly made pursuant to this Deed of Trust and does not apply to advances
<br />(or interest accrued on such advances) made under the terms of this Deed of Tnist to protect Lender's
<br />security and to perform any of the covenants contained in this Deed of Trust Future advances are
<br />contemplated and, along with other future obligations, are secured by this Deed of Trust even though all or
<br />part may not yet be advanced Nothing in this Decd of Trust, however, shall constitute a commimtent to
<br />make additional or future loans or advances in any amount Any such commitment would need to be agreed to
<br />in a separate writing.
<br />4.. SECURED DEBT DEFINED- The term "Secured Debt" includes, but is not limited to, the following:
<br />A. The promissory note(s), contrtet(s), guaranty(s) or other evidence of debt described below and all
<br />extensions, renewals, modi0cations or substitutions (Evidence of Debt):
<br />The fatal amount o.f p.ressnc. indebtedness secured. hereby is $.19.0,000.0.0.
<br />. _. _ .. .
<br />(e g . 6orrmver's nnrne, note amount. note Ante, interest rare, mm~u-iry date)
<br />B All future advances from Lender to Grantor or other future obligations of Grantor to Lander under any
<br />promissory note, contract, guar:uuy, or other evidence of debt existing now or executed within fifteen
<br />years after the date of this Deed of Trust whether or not this Deed of Trust is specifically referred to in
<br />the evidence of debt. This Deed of Trust is intended to comply with the provisions of Article 7,
<br />Chapter 45 NCGS
<br />C All obligations Grantor owes to Lender, which nosy exist or may fitter arise, to the extent not
<br />prohibited by I:nv, including, but not limited to, liabilities for overdrafts rearing to any deposit account
<br />agreement between Grantor and Lender.
<br />D. All additional sums advanced and expenses incurred by Lender for insuring, preserving or otbenvise
<br />protecting the Property and its value and any other sums advanced and expenses incurred by Lender
<br />under the terms of this Deed of Trust, plus interest at the highest rate in el'tect, from time to time, as
<br />provided in the Evidence of Debt.
<br />E Grantor's performance under the terms of any instrument evidencing a debt by Grantor to Lsnder and
<br />any Deed o£ Trust securing, guarantying, or otherwise relating to the debt
<br />If more than one person signs this Deed oP Tnist as Grantor, each Grantor agrees Umt this Deed of Trust will
<br />secure all future advances and future obligations described above that are given to or incurred by any one or
<br />more Grantor, or any one or more Grantor and others. This Deed of Trust will not secure any other debt if
<br />Lender fails, with respect to such other debt, to make any required disclosure about [his Deed of Trust or if
<br />Lender fails to give any required notice of the right of rescission.
<br />5, PAYMENTS.. Gr:mtor agrees m make all payments on the Secured Debt when due and in accordance with
<br />the terms of the Evidence of Debt or this Deed of Trust
<br />G. WARRANTY OF TITLE. Grantor covenants that Grantor is lawfully seized of the estate conveyed by this
<br />Deed of Trust and has dte right to irrevocably grant, convey and sell to Trustee, in trust, with power o1'sale,
<br />the Property and warrants that the Property is unencumbered, except for encumbrances of record
<br />7. CLAIMS AGAINST TITLE. Grantor will pay all taxes, assessments, liens, encumbrances, lease payments,
<br />ground rents, utilities, and other charges relating to the Property when due. Lsnder may require Grantor to
<br />provide to Lender copies of all notices that such amounts arc due and the receipts evidencing Grantor's
<br />payment Grantor will defend title to the Property against any claims that would impair the lien of this Deed
<br />oY Trust. Grantor agrees to assign to Lender, as requested by Gender, any rights, claims or defenses which
<br />Grantor may have against parties who sup ply labor or materials to improve or maintain Ote Property.
<br />8. PRIOR SECURITY tNTERESTS. With regard to any other mortgage, deed of trust, or security agreement
<br />or other lien document tlta[ created a prior security interest or encumbrance on the Property and that may
<br />have priority over this Deed of Trust, Gr:mtor agrees:
<br />A To make all payments when due and to perform or comply with :dl covenants.
<br />B To promptly deliver to Lender any notices that Grantor receives from the holder.
<br />C Not to make or permit any modification or extension of, and not to request or accept any lumre
<br />advances under any note or agreement secured by, the other mortgage, deed of trust or security
<br />agreement unless Lender consents in writing
<br />9 DUE ON SALE OR ENCUhtBRANCE.. Lender may, at its option, declare the entire balance of the Secured
<br />Debt to be immediately due and payable upon the creation of any lien, encumbrance, transfer, or sale, or
<br />contract for any of these on the Property However, if the Property includes Grantor's residence, this section
<br />shall be subject to the restrictions imposed by federal law (12 GF- R 591), as applicable. For the purposes of
<br />this section, the term "Property" also includes any interest to all or any part of the Property This covenant
<br />shall run with the Property and shall remain in effect until the Secured Debt is paid in full and this Deed of
<br />Trust is released.
<br />10 TRANSFER OP AN INTEREST IN THE GRANTOR. if Grantor is an entity other than a nautrtl person
<br />(such as a corporation or Deter organinuion), Lender nmy demand immediate payment if (I) a beneficial
<br />interest in Grantor is sold or transferred; (2) there is a change in either the identity or number of members of
<br />a partnership or similar entity; or (3) tltere is a change in ownership of more than 25 percent of the voting
<br />stock of a corporation or similar entity HoweveG Lander may not demand payment in the above situations if
<br />it is prohibited by law as of the date of this Deed of'fnist.
<br />I1.ENT'ITY WARRANTIES AND REPRESENTATIONS. If Grantor is an amity other tltan a natural person
<br />(such as a corporation or other organization), Grantor makes to Lender the following warranties and
<br />represenmtions which shall be continuing as long as the Secured Debt remains outstanding:
<br />A Grantor is an entity which is duly organized and validly existing in the Grantor's state of incorporation
<br />(or organization) Grantor is in good standing in all states in which Grantor transacts business Grantor
<br />has the power and authority to own the Property and to carry on its business as now being conducted
<br />and, as applicable, is qualified to do so in each state in which Grantor operates
<br />C~~ ~ Y n~9~ I of
<br />'"F~=I LI 0140]Bn,er, SY~,em41,.c 51 CIOW.I.III l'aim>O/CO Di.NC 01}Z/Z001
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